The Saudis seem to be buying, again:
Thursday August 19, 9:26 am Eastern Time
Company Press Release
Allied Research Corporation Reports $18 Million
Contract for Munitions
VIENNA, Va.--(BUSINESS WIRE)--Aug. 19, 1999--Allied Research Corporation
(AMEX:ALR - news), a diversified defense and commercial electronic security firm, reported
today that its Belgian defense subsidiary, MECAR S.A., had received a $18 million contract for assorted conventional ammunition.
The customer was not identified other than being a long-time customer country. Completion of this order will run through the year
2000.
According to Dr. J. R. Sculley, Chairman & Chief Executive officer of Allied Research: ``This contract is another indication that
our strategy of serving our historic customer base with quality and reliable defense products is working well. While our goal of
diversifying into commercial enterprises is paying off with increased revenues and steady earnings, our defense business remains
the base for all our activities, providing the necessary capital to meet our diversification plan.'
Dr. Sculley further noted that Allied Research had received $71 million total in new contracts during the period June - August and
the backlog is now $90 million.
Certain statements contained herein are ``forward looking' statements as such term is defined in the Private Securities Litigation
Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those
expressed or implied. Factors that could cause actual results to differ materially from those expressed or implied include, but are
not limited to, those discussed in filings by the Company with the Securities and Exchange Commission.
Allied Research Corporation is a defense and electronic security firm. Its operating units develop and produce ammunition and
weapon systems; supply equipment performance upgrades for defense departments worldwide; and design, produce and market
sophisticated electronic security and access control systems. |
